China’s largest chipmaker, Semiconductor Manufacturing International Corporation (SMIC), announced the appointment of its new chairman on July 17.
Vice chairman Liu Xunfeng replaced former chairman Gao Yonggang, who the company said had resigned due to “work adjustment.” SMIC did not offer any further explanation in it’s statement to the Hong Kong Stock Exchange.
Mr. Gao was appointed acting chairman in September 2021 when the previous chairman Zhou Zixue resigned, citing health reasons.
This is the second time that SMIC has appointed a new top executive in just two years. Chinese media have claimed that the appointment is associated with Beijing’s being forced to deal with the increased pressure from U.S. chip sanctions….